In a Sept. 7 news release, NRP Group announced it has broken ground on its project, The James on Grand Avenue, located at 15701 FM 1325, Austin. The project site is near Austin’s border with Round Rock in Williamson County.
According to the news release, The James on Grand Avenue will offer apartment units to residents earning up to 60% of the Austin-Round Rock metropolitan area median family income. For a one-person household, that means someone earning below $41,580 annually would qualify for a unit, according to recent figures from the U.S. Department of Housing and Urban Development.
“Population growth and housing demand in Austin has exploded these past several years as technology companies like Tesla, Apple and Samsung gravitate to the city. The need for more affordable housing accommodations for residents with moderate income profiles is extremely high,” said Jason Arechiga, senior vice president of development for the NRP Group, in the company’s news release.
The James on Grand Avenue will feature seven separate buildings with one- to four-bedroom units available for rent. Amenities at the development will include a pool, a fitness center, a children’s center and a playground, a community center and more. According to the Sept. 7 news release, the housing development will additionally offer wraparound services, such as financial literacy training, first-time homebuyer programs and after-school programming for children.
Leasing for units at The James on Grand Avenue is expected to begin August 2022, though final completion is not scheduled until June 2023.
The Capital Area Housing Finance Corp., which is made of representatives from 10 Central Texas counties, is partnering with the NRP Group on the project.
The project is utilizing housing revenue bonds and tax credits to help fund the development of the project, according to the Sept. 7 news release.